Canoe EIT Income Fund Announces $300 Million Issuance of Preferred Units
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America.
CALGARY, Alberta, Jan. 27, 2026 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX: EIT.UN) is pleased to announce that it will issue 12,000,000 cumulative redeemable Series 3 Preferred Units (“Series 3 Preferred Units”) on a private placement basis at a price of C$25.00 per Series 3 Preferred Unit (the “Offering Price”) for gross proceeds of C$300 million (the “Offering”). National Bank Financial Inc. is acting as the lead underwriter and sole bookrunner for the Offering.
Holders of the Series 3 Preferred Units will be entitled to fixed cumulative preferential cash distributions of C$1.25 per Series 3 Preferred Unit per annum, as and when declared, which will accrue from the date of issue and will be payable quarterly on the 15th day of March, June, September and December in each year. On or after February 3, 2031, the Series 3 Preferred Units will be retractable for cash, at the option of the holder, for C$25.00 per Series 3 Preferred Unit, together with any accrued and unpaid distribution in respect of such Series 3 Preferred Units, less any tax required by law to be deducted therefrom. On or after February 4, 2030 but prior to February 3, 2031, the Series 3 Preferred Units will be redeemable for cash, at the option of the Fund, for C$25.50 per Series 3 Preferred Unit, and C$25.00 per Series 3 Preferred Unit on or after February 3, 2031, together with any accrued and unpaid distribution in respect of such Series 3 Preferred Units, less any tax required by law to be deducted therefrom. The Series 3 Preferred Units will not be listed on an exchange.
The Fund intends to use the proceeds from the Offering in accordance with the investment objectives and investment strategies of the Fund, subject to the investment restrictions of the Fund.
The Offering is expected to close on or about February 2, 2026 (the “Closing Date”), and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.
The Series 3 Preferred Units were offered in a limited, privately negotiated transaction.
The Series 3 Preferred Units have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws. This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.
About Canoe EIT Income Fund
Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high-quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.
About Canoe Financial
Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $23 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.
For further information, please contact:
Investor Relations
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com
Not for distribution to U.S. Newswire Services or for dissemination in the United States.
Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial LP’s current expectations regarding future results or events. Words such as “may,” “will,” “should,” “could,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “potential,” “continue” and similar expressions have been used to identify these forward-looking statements. In addition, any statement regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Market predictions and forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, performance, events, activity and achievements to differ materially from those expressed or implied by such statements. Forward looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial LP believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances. The Fund makes monthly distributions of an amount comprised in whole or in part of return of capital (ROC) of the net asset value per Unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the Fund, which could reduce the Fund’s ability to generate future income. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the Fund on www.sedarplus.com before investing. Investment funds are not guaranteed and past performance may not be repeated. This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.
